Oil markets may be about to reach some stability after a torrid run that pushed prices to their lowest level in over a decade, the vice chairman and acting chief executive of Saudi petrochemicals giant, SABIC said Wednesday.

Yousef Al-Benyan told CNBC on the sidelines of the Boao Forum for Asia that while this year and 2017 will be challenging for the industry, the outlook for 2018 and beyond is optimistic.

"Of course, prices are not really at levels where we wish (them to be) but that's normal in a cyclical market," Al-Benyan said, adding that he expects crude oil at $60 a barrel by the end of 2016.

"A lot of people think that when crude oil price is up, it gives you much better returns on investment...(but) stability is very important not only for us as a producer but also for the customer and that's our main focus at this point."